Leona enters into a contract with munchies bakery to cater a sales conference. when the conference is postponed indefinitely, leona asks a court to cancel the contract and return the parties to the positions that they held before its formation. this request involves a. an action that the court cannot order. b. specific performance. c. an injunction. d. rescission.

At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)